510 Cass Avenue, Bay City, MI
12.12% return
SP:
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Property Description

Great Investment Opportunity!! 

3 separate multi-family properties with a total of 9 units combined. FULLY OCCUPIED!! Separate electric meters. No rehab needed. Plenty of parking. Walking distance to the river, shopping, dining, etc. Lots of industry in the area. PROPERTIES WILL GENERATE A 12.12% CAP RATE!! Don't let this one pass by. 

Property management and financing available!
 

Property Information

  • Listing statusActive
  • Property typeMulti Family (3 properties)
  • Total units9
  • Total bedrooms13
  • Total bathrooms9
  • Building size6499 sq. ft.
  • Lot size1.2 acres
  • Year built1900
  • CountyBay County
  • SubdivisionEdward Ingrahams
  • ConstructionFrame
  • RoofAsphalt Shingle
  • Water sourceCity water
  • Water disposalSewer
  • HeatingBoiler, Wall Furnace, Central
  • CoolingForced Air, Central air

Property Financial Summary

  • Sale price $225,000
  • Estimated rehab 1 $0
  • Total investment $225,000
  • Type Proforma
  • Gross income (annually) $52,800
  • Operating expenses (annually) $25,527
  • Net income (annually) $27,273
  • Gross return 23.47%
  • Gross income (monthly) $4,400
  • Operating expenses (monthly) $2,127
  • Net income (monthly) $2,273
  • Net return 12.12%

Property Income & Expenses

  • Income
  • 1001 Marquette Street, Main
  • Unit 1: 1 bed / 1 bath $400/month $4,800/year
  • Unit 2: 1 bed / 1 bath $400/month $4,800/year
  • Unit 3: 1 bed / 1 bath $400/month $4,800/year
  • 1319 Broadway Street, Main
  • Unit A: 2 bed / 1 bath $550/month $6,600/year
  • Unit B: 2 bed / 1 bath $550/month $6,600/year
  • 510 Cass Avenue, Main
  • Unit 1: 2 bed / 1 bath $600/month $7,200/year
  • Unit 2: 2 bed / 1 bath $600/month $7,200/year
  • Unit 3: 1 bed / 1 bath $450/month $5,400/year
  • Unit 4: 1 bed / 1 bath $450/month $5,400/year
  • Total $4,400/month $52,800/year
  • Expenses
  • Property Taxes $381/month $4,571/year
  • Water bill $500/month $6,000/year
  • Gas Utility Bill $320/month $3,840/year
  • Property Management $643/month $7,716/year
  • Insurance (estimated) $208/month $2,500/year
  • Lawn care $75/month $900/year
  • Total $2,127/month $25,527/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.

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